Bitcoin price started a downward correction from the $ 54,900 zone against the US dollar. BTC is now consolidating and it could start a fresh rise if it releases $ 54,900
- Bitcoin is showing positive signs above the USD 62,500 and USD 62,000 levels.
- The price is now trading well above the USD 62,000 level and the 100 simple hourly moving average.
- A major contracting triangle is forming with resistance near USD 63,700 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to begin another rally as it clears the key USD 64,000 resistance zone.
Bitcoin price is holding on to profit
Bitcoin traded to a new all-time high of $ 64,892 before starting a downside correction. BTC corrected below the USD 64,000 and USD 63,500 support levels.
There was a spike below the USD 62,000 support, but the simple 100-hour moving average acted as a support. The price is now trading well above the USD 62,000 level and the 100 simple hourly moving average. It rebounded above the 50% Fib retracement level from the recent drop from the $ 64,892 swing high to $ 61,292 low.
Source: BTCUSD on TradingView.com
However, the bulls are now facing resistance near the USD 63,500 zone. A major contracting triangle is also forming with a resistance near USD 63,700 on the hourly chart of the BTC / USD pair.
Triangle resistance is near the 61.8% Fib retracement level of the recent drop from the $ 64,892 swing high to $ 61,292 low. A successful break above the triangle resistance could trigger an upward breach above the USD 64,000 level. In the case mentioned, the price could climb towards the USD 65,000 level. Even more gains may require a shift to $ 66,500 and $ 66,800 in the short term.
Dips supported in BTC?
If bitcoin doesn’t move above USD 63,700 and USD 64,000, there could be another downward correction. An initial support on the downside is near the USD 62,500 level.
The main support is now forming near the USD 62,000 level and the triangle trendline. A downside break below the triangular trendline support could push the price further towards the key USD 61,120 support zone in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now just above the 50 level.
Key Support Levels – USD 62,000, followed by USD 61,120.
Major Resistance Levels – USD 63,500, USD 63,700 and USD 64,000.